| 证券代码：603730 | 证券简称：岱美股份 | 公告编号：2025-031 | | --- | --- | --- | | 债券代码：113673 | 债券简称：岱美转债 | | 上海岱美汽车内饰件股份有限公司 关于参加 2025 年上海辖区上市公司年报集体业绩 说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海岱美汽车内饰件股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日下午15:00-16:30参加由上海上市公司协会与上证所信息网络有限公司联合举 办的"2025 年上海辖区上市公司年报集体业绩说明会"活动，现将活动情况公 告如下： 答：尊敬的投资者，您好！2024 年度，按合并报表口径，公司实现营业收 入人民币 63.77 亿元，较上年同期增长 8.80%；实现归属于上市公司股东的净利 润人民币 8.02 亿元，较上年同期增长 22.66%；实现归属于上市公司股东的扣除 非经常性损益的净利润人民币 7.97 亿元，较上年同期增长 17.33%；实现每股收 益人民币 0.49 ...

岱美股份 2024 年年度股东大会会议资料 上海岱美汽车内饰件股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 1 岱美股份 2024 年年度股东大会会议资料 目 录 2 一、2024年年度股东大会会议议程 二、2024年年度股东大会会议议案 议案一：《2024年度董事会工作报告》 议案二：《2024年度监事会工作报告》 议案三：《2024年度财务决算报告》 议案四：《2024年度利润分配预案》 议案五：《2024年年度报告及摘要》 议案六：《关于确认公司2024年度董事薪酬的议案》 议案七：《关于续聘2025年年度审计机构的议案》 议案八：《关于2025年度向银行申请综合授信并接受关联担保的议案》 议案九：《关于2025年度向银行申请办理远期结汇售汇、外汇期权业务的议案》 议案十：《关于2025年度向子公司提供担保预计的议案》 议案十一：《关于未来三年（2025-2027年）股东分红回报规划的议案》 岱美股份 2024 年年度股东大会会议资料 上海岱美汽车内饰件股份有限公司 2024年年度股东大会会议议程 一、 会议时间 现场会议：2025年5月20日（星期二）下午14：30，请参加现场 ...

Core Insights - The automotive industry experienced stable revenue growth in Q1 2025, with a year-on-year increase of 6.8%, while total profit decreased by 8.9% to 946.5 billion yuan [11][12] - The report highlights that leading companies in the automotive sector, particularly those with efficient management, have shown better-than-average performance in terms of net profit and operating cash flow [3][8] - The anticipated release of new models and the impact of local consumption promotion policies are expected to support a gradual recovery in automotive company performance in Q2 2025 [3][12] Revenue and Profit Analysis - In 2024, the automotive industry generated a total revenue of 10.65 trillion yuan, reflecting a 5.4% year-on-year growth, while total profit fell by 9.1% to 462.26 billion yuan [11][12] - The Q1 2025 revenue for the automotive industry was 2.40 trillion yuan, with a profit total of 946.5 billion yuan, indicating a continued decline in profitability [11][12] Profitability Comparison - The profitability of passenger vehicle companies showed significant differentiation in Q1 2025, with some companies like BYD and Seres maintaining strong growth, while others like GAC Group and JAC Motors faced challenges [17][18] - In 2024, the overall profit margin for the automotive industry was 12.4%, down 0.9 percentage points year-on-year, and further decreased to 12.1% in Q1 2025 [12][27] Inventory Management - Inventory levels in the automotive sector showed improvement for bus and parts companies, while passenger vehicle companies faced slight increases in turnover pressure [8][12] - By the end of Q1 2025, the inventory of the automotive industry accounted for 20.9% of current assets, a 1.2 percentage point increase year-on-year [8][12] Cash Flow Analysis - The overall cash flow in the automotive industry faced pressure, with the net cash flow from operating activities for the vehicle sector turning negative at -22.19 billion yuan in Q1 2025 [8][12] - The cash flow for parts companies showed a decline, with a total of 123.05 billion yuan in Q1 2025, down 1.4% year-on-year [8][12] Investment Recommendations - The report suggests focusing on leading automotive companies and those involved in the Huawei and Xiaomi supply chains, as well as companies in the humanoid robot and intelligent driving sectors [3][8] - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, and several parts manufacturers such as New Spring Co., Silver Wheel Co., and Top Group [3][8]

Investment Rating - The investment rating for the company is "Buy" with a target price of 10.81 RMB [8][9]. Core Views - The company reported a revenue of 6.38 billion RMB in 2024, representing a year-over-year increase of 8.8%, and a net profit of 800 million RMB, which is a 22.7% increase year-over-year, although it fell short of market expectations [1][2]. - The company is experiencing steady expansion in its overseas business, with a 9.9% increase in overseas revenue to 5.44 billion RMB in 2024 [4]. - The company is expected to benefit from the continued ramp-up of high-value products such as ceiling systems, which are projected to drive revenue growth [1][2]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.59 billion RMB, a year-over-year increase of 0.2%, and a net profit of 210 million RMB, which is a 7.1% increase year-over-year [1]. - The gross margin for 2024 slightly decreased by 0.04 percentage points to 26.8%, while Q1 2025 saw a gross margin of 27.7%, reflecting a quarter-over-quarter increase of 5.2 percentage points [3]. Product Performance - The company's core product, sunshades, generated a revenue of 3.94 billion RMB in 2024, with a year-over-year growth of 2.0%. The headrest project saw a significant revenue increase of 19.6% to 1.20 billion RMB [2]. - The ceiling and system integration products achieved a revenue of 600 million RMB, with an average price of 1,644 RMB per unit, significantly higher than the average prices of sunshades and headrests [2]. Global Strategy - The company is executing a globalization strategy, enhancing its production capabilities in Mexico and Vietnam, which helps mitigate trade risks. By April 2025, all products supplied to the U.S. were produced in Mexico, aligning with the USMCA [4]. - The company aims to expand its product offerings to existing clients like General Motors and Ford while continuing to supply new products to clients such as Tesla and Rivian [2][4]. Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been revised down by 13% to 930 million RMB and 1.11 billion RMB, respectively. The estimated net profit for 2027 is projected to be 1.30 billion RMB [5]. - The company is assigned a price-to-earnings ratio of 19.3x for 2025, corresponding to the target price of 10.81 RMB [5].

投资者可于 2025 年 5 月 8 日(星期四)至 2025 年 5 月 14 日(星期三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@daimay.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 证券代码：603730 | 证券简称：岱美股份 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：113673 | 债券简称：岱美转债 | | 上海岱美汽车内饰件股份有限公司 关于参加 2025 年上海辖区上市公司年报集体业绩说 明会的公告 上海岱美汽车内饰件股份有限公司（以下简称"公司"）已于 2025 年 4 月 30日发布公司2024年年度报告，为便于广大投资者更全面深入地了解公司2024 年度经营成果、财务状况，公司计划于 2025 年 5 月 15 日(星期四) 15:00-16:30 参加 2025 年上海辖区上市公司年报集体业绩说明会，就投资者关心的问 ...

一、本次使用闲置募集资金进行现金管理到期收回的情况 公司向招商银行股份有限公司购买了招商银行点金系列看涨两层区间 36 天 结构性存款的理财产品，具体内容详见上海证券交易所网站（www.sse.com.cn） 及指定媒体披露的《上海岱美汽车内饰件股份有限公司关于使用闲置募集资金进 行现金管理进展的公告》(公告编号：2025-010)。 上述理财产品已到期，公司收回本金 10,000.00 万元，并收到理财收益 202,191.78 元。 二、截至本公告日，公司最近十二个月使用闲置募集资金进行现金管理的情 金额：万元 | 证券代码：603730 | 证券简称：岱美股份 公告编号：2025-030 | | --- | --- | | 债券代码：113673 | 债券简称：岱美转债 | 上海岱美汽车内饰件股份有限公司 关于使用闲置募集资金进行现金管理到期收回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海岱美汽车内饰件股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开了第六届董事会第十八次会议和第六届 ...

Core Viewpoint - The company reported stable financial performance for 2024 and Q1 2025, with revenue and net profit growth indicating a solid operational foundation and potential for future expansion in product categories [2][3][4]. Financial Performance Summary - In 2024, the company achieved revenue of 6.377 billion yuan, a year-on-year increase of 8.80%, and a net profit attributable to shareholders of 802 million yuan, up 22.66% [2]. - For Q4 2024, the company recorded revenue of 1.573 billion yuan, a year-on-year increase of 8.30%, and a net profit of 179 million yuan, reflecting a significant year-on-year growth of 56.03% [2][3]. - In Q1 2025, revenue was 1.593 billion yuan, a slight year-on-year increase of 0.22%, with net profit reaching 209 million yuan, up 7.10% [2][3]. Operational Stability - The company's Q4 2024 gross margin was 22.48%, down 2.65 percentage points year-on-year, while Q1 2025 gross margin was 27.68%, showing a minor decline of 0.17 percentage points [3]. - The period expense ratio for Q4 2024 was 4.78%, a decrease of 7.67% quarter-on-quarter, primarily due to reductions in management and financial expense ratios [3]. - The company recorded an asset impairment loss of 80 million yuan in Q4 2024, which slightly impacted quarterly performance [3]. Product Expansion and Growth Potential - The company has established itself as a global leader in sunshade products, holding over 40% market share in 2022, and is now expanding into headrest and ceiling products [4][5]. - The headrest business is expected to grow as the company increases its supply to major clients like Chrysler and Ford [4]. - The ceiling products, which share core manufacturing processes with sunshades, present significant market potential and are anticipated to contribute to revenue growth as new contracts are secured [5]. Profit Forecast and Investment Rating - The company's net profit forecasts for 2025 and 2026 have been adjusted to 927 million yuan and 1.091 billion yuan, respectively, with a new forecast for 2027 set at 1.280 billion yuan [6]. - Corresponding earnings per share (EPS) are projected at 0.56 yuan, 0.66 yuan, and 0.77 yuan for 2025, 2026, and 2027, with price-to-earnings ratios of 14.26, 12.12, and 10.33 [6]. - The expansion into new product categories is expected to enhance growth prospects, leading to a maintained "buy" rating for the company's stock [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall operations are stable, and the introduction of new ceiling products opens up growth opportunities [1] - The company has developed into a global leader in the sunshade board business, with a market share exceeding 40% in 2022 [1] - The company is expanding its product categories, particularly in headrests and ceiling products, which are expected to contribute to revenue growth [1] Financial Performance Summary - In 2024, the company achieved total revenue of 6.377 billion yuan, a year-on-year increase of 8.80% [1] - The net profit attributable to shareholders in 2024 was 802.18 million yuan, representing a year-on-year growth of 22.66% [1] - For Q4 2024, the company reported a revenue of 1.573 billion yuan, a year-on-year increase of 8.30% and a quarter-on-quarter increase of 3.61% [1] - The gross profit margin for Q4 2024 was 22.48%, a decrease of 2.65 percentage points year-on-year [1] - The company expects net profits of 927 million yuan in 2025 and 1.091 billion yuan in 2026, with corresponding EPS of 0.56 yuan and 0.66 yuan [1][8] Product Development and Market Expansion - The company is actively expanding its ceiling product line, which has a higher value and larger market space compared to existing products [1] - The headrest business is expected to grow as the company increases its supply to major clients like Chrysler and Ford [1] - The successful entry of ceiling products into the supply chains of new energy vehicle manufacturers in North America is anticipated to drive future revenue growth [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall operations are stable, with new product categories in the ceiling segment opening up growth opportunities [1] - The company has developed into a global leader in the sunshade board business, holding over 40% market share in 2022, and is expanding into headrest and ceiling products [1] - The financial forecasts for 2025-2026 have been adjusted to reflect new project production schedules and customer sales, with net profit estimates of 927 million and 1.09 billion respectively [1] Financial Summary - Total revenue for 2024 is projected at 6.377 billion, with a year-on-year growth of 8.80% [1] - Net profit for 2024 is expected to be 802 million, representing a year-on-year increase of 22.66% [1] - The earnings per share (EPS) for 2025 is estimated at 0.56 yuan, with a price-to-earnings (P/E) ratio of 14.26 [1] - The company achieved a gross margin of 22.48% in Q4 2024, with a slight decrease in Q1 2025 to 27.68% [1] - The company’s total assets are projected to reach 7.771 billion by 2025, with a debt-to-equity ratio of 33.95% [6][8]

Group 1 - The company plans to distribute cash dividends of RMB 578,464,687.15 (including tax) to shareholders, with a proposed distribution of RMB 3.50 per 10 shares, and will also issue 3 bonus shares for every 10 shares held, totaling 495,826,875 shares [3][4] - The company operates in the automotive parts manufacturing industry, specifically focusing on automotive interior components, and has established production bases and R&D centers in multiple countries [5][8] - In 2024, the global automotive market is expected to reach 89 million vehicles sold, with a 2.1% year-on-year increase, and the sales of new energy vehicles are projected to grow by 24.4% [5][6] Group 2 - The company reported total assets of RMB 7.373 billion, a 6.46% increase from the beginning of the year, and total liabilities of RMB 2.558 billion, up 6.26% [16] - The company achieved operating revenue of RMB 6.377 billion, an 8.80% increase year-on-year, and a net profit attributable to shareholders of RMB 802 million, reflecting a 22.66% growth [16] - The company is expected to hold its annual shareholder meeting on May 20, 2025, to discuss various proposals, including the profit distribution plan [18][22] Group 3 - The company intends to use up to RMB 300 million of idle raised funds to temporarily supplement working capital, with a usage period not exceeding 12 months [33][38] - The company has provided guarantees for its subsidiaries, with a total expected guarantee amount of up to RMB 197 million for the year 2025 [44][46] - The company has established a robust supplier management and procurement system to ensure the quality and stability of raw materials [10][11]